Malaysian conglomerate Sime Darby Berhad said its net profits for the year to June rose 39 percent to RM1.12 billion (US$303 million).

Turnover rose to RM20.16 billion, up from RM18.6 billion previously, driven mainly by the heavy equipment and motor vehicles operations, group chief executive officer Ahmad Zubir Murshid said.

"Better profits recorded by the motor vehicle division were mainly due to higher sales and profits in the China operations," Ahmad Zubir said.

"For next year we hope to continue our performance in the heavy equipment, motor and energy sectors," he said according to Bernama.

Ahmad Zubir said the plantation sector was also expected to perform well given the current high palm oil prices.